The Finance Committee shall be responsible to review budgets, financial statements, the management of Institute assets, financial policies and other financial matters of the Institute and shall make recommendations to the Board of Directors.
Finance Committee - Terms of Reference
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1. Purpose |
The Finance Committee shall be responsible to: ⮚ Provide recommendations to the Board of Directors as requested and a review of the following; ▪ The audited report of the Institute Legacy Fund and Building Trust. Financial statements, budgets, and management of Institute assets for each aforementioned entity. ▪ Financial policies and other financial matters of the Institute. ▪ Report of the review of constituent bodies finances by the Director of Finance and Corporate Services’ ▪ Recommendation of Auditors of the Institute, Legacy Fund and Building Trust ⮚ Member appeal of denial of claims ⮚ Prepare an annual planning document |
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2. Accountability |
The Finance Committee is accountable to the PIPSC Board of Directors and shall report a minimum of four (4) times a year to the Board of Directors. The committee shall supply a copy of its planning document to the Board of Directors before the end of June of each year. |
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3. Authority |
There is no authority vested in a Committee of the Board to change policy, expend funds, or to take executive action unless such authority is delegated by the Board. The Finance Committee may grant member appeals pursuant to the Policy on Financial Support for Member Participation ¶16 and authorize payment based on those findings. The Finance Committee may recommend to the Board of Directors the financial statements, budgets and Institute, Legacy Fund and Building Trust Auditors however the Board of Directors has the authority to approve the draft financial statements, budgets and recommendation of Auditors. The PIPSC AGM has the authority to approve the PIPSC financial statements, budget and Auditors of the Institute. |
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4. Staff Support |
The Finance Committee is provided staff support by the Director of Finance and Corporate Services. Any questions the Chair has regarding matters associated with committee staff resources must contact the responsible Finance section. |
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5. Committee Membership |
The committee is comprised of the Chair and six (6) PIPSC members as defined in PIPSC Bylaw 17. Committee member responsibilities are defined in the PIPSC Policy on Committees of the Board |
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Bylaws 17.6 Policy on Committees of the Board Policy on Financial Support for Member Participation Policy on Constituent Body Allocations |